Govt approves capital infusion for three Common Insurance coverage companies; verify different Cupboard selections | Financial system Information

New Delhi: The Union Cupboard (February 12), chaired by Prime Minister Narendra Modi, on Wednesday (February 12) accepted the proposal for capital infusion for 3 Public Sector Common Insurance coverage Corporations- Oriental Insurance coverage Firm Restricted (OICL), Nationwide Insurance coverage Firm Restricted (NICL) and United India Insurance coverage Firm Restricted (UIICL), mentioned a authorities assertion.

The cupboard has allowed the fast launch of Rs 2500 crore within the mild of the vital monetary place and breach of regulatory solvency necessities of three PSGICs viz. OICL, NICL, and UIICL.

The Cupboard additionally accepted a number of different proposals beneath the chairmanship of the Prime Minister. 

India-Sri Lanka pact on double taxation avoidance 

The Cupboard approves protocol amending the Settlement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on earnings.

Updation of the preamble textual content and inclusion of Principal Objective Take a look at, a normal anti-abuse provision within the Double Taxation Avoidance Settlement (DTAA) will lead to curbing tax planning methods that exploit gaps and mismatches in tax guidelines, a Cupboard assertion mentioned.

The prevailing DTAA between India and Sri Lanka was signed on January 22, 2013 and got here into drive on October 22, 2013.

India and Sri Lanka are members of the inclusive framework and are required to implement the minimal requirements beneath G-20 OECD (Organisation for Financial Cooperation and Improvement (OECD) BEPS (Base Erosion and Revenue Shifting) motion stories in respect of their DTAAs with inclusive framework nations.

The prevailing DTAA between India and Sri Lanka was signed on 22nd January, 2013 and entered into drive on 22nd October, 2013.

India and Sri Lanka are members of the Inclusive Framework and as such are required to implement the minimal requirements beneath G-20 OECD BEPS Motion Reviews in respect of their DTAAs with Inclusive Framework nations. Minimal requirements beneath BEPS Motion 6 might be met by means of the Multilateral Conference to Implement Tax Treaty Associated Measures to Forestall Base Erosion and Revenue Shifting (MLI) or by means of settlement bilaterally.

India is a signatory to the MLI. Nevertheless, Sri Lanka shouldn’t be a signatory to the MLI as of now. Due to this fact, modification of the India-Sri Lanka DTAA bilaterally is required to replace the Preamble and likewise to insert Principal Objective Take a look at (PPT) provisions to satisfy the minimal requirements on treaty abuse beneath Motion 6 of G-20 OECD Base Erosion & Revenue Shifting (BEPS) Mission.
 
Notably, the present Double Taxation Avoidance Settlement (DTAA) between India and Sri Lanka was signed on 22nd January 2013 and entered into drive on 22nd October 2013. India and Sri Lanka are members of the Inclusive Framework and as such are required to implement the minimal requirements beneath G-20 OECD BEPS Motion Reviews in respect of their DTAAs with Inclusive Framework nations. 

India-Iceland MoU for Sustainable Fisheries Improvement

The cupboard was apprised of a Memorandum of Understanding (MoU) signed between India and Iceland within the subject of Fisheries. The MoU was signed on 10th September 2019. The salient options of the MoU are:

-Creation of services for change of scientists and technical consultants and their correct placement, particularly in areas of estimating Whole Allowable Catches in offshore and deep-sea areas;
-Provision of coaching to fisheries professionals from key fisheries establishments within the varied administration elements on areas of contemporary fisheries administration and fish processing
-Change of scientific literature analysis findings and different data.
-Change of consultants/experience to review the prospects of fishing.Processing and advertising and marketing of merchandise from excessive seas fisheries for entrepreneurship improvement.




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